Northland Investment Sells Multifamily Community in Fort Myers for $53M

FORT MYERS, FLA. — Northland Investment Corp. has sold Iona Lakes, a 350-unit multifamily community in Fort Myers, for $53 million. The complex was built in 1986 and comprises 50 two-story buildings, a clubhouse and a 24-hour laundry facility. The property offers one-, two- and three-bedroom floor plans averaging 811 square feet. Communal amenities include a billiards room, fitness center, grill area, mini golf, pet park, swimming pool and a spa. Cardone Capital acquired the asset for $151,429 per unit.